Bøger udgivet af Institute of Economic Affairs

This book deals with myths about the market economy - such as the idea that economists believe that everybody is greedy. Christopher Snowdon, carefully and entertainingly unpicks the misguided ideas that have taken hold. Essential reading for all who wish to separate fact from fiction when it comes to understanding economic reasoning and evidence.

The subject of advertising is often treated with indifference by economists and disdain by the public. Indeed, from time-to-time, there have been calls to ban advertising. Though there has been no general ban, advertising has been prohibited in some sectors and further regulation in this field is continually being considered. Given the importance of advertising in political discussion and the lack of evidence regarding its role and effectiveness, Ralph Harris and Arthur Seldon published Advertising in a Free Society in the late 1950s. This seminal work provided a dispassionate and serious analysis of the subject. It concluded that advertising played a positive role in communicating information and building brand loyalty. Interestingly, some of the most dishonest forms of promotion came from politicians. Christopher Snowdon has skillfully abridged Harris and Seldon's work whilst adding important modern insights. Perhaps the most important of these is his critique of the claim that advertising coerces people into acting against their best interests. He also finds that the modern economic literature largely supports Harris and Seldon's view that advertising facilitates competition and lowers prices. This new study is an important work for all interested in public policy as well as for those studying marketing in business schools or as part of a professional qualification.

Kevin Dowd argues that states must allow a level playing field as far as private money is concerned. For too long the government has stifled competition between state-backed and private currencies. Instead, central banks should welcome competition as it forces them to offer consumers greater choice and improved quality. A weakened ability to store value, growing restrictions on finance, oppressive taxes and a lack of financial privacy have resulted in growing frustration at state controlled money. The superior nature of private currencies combined with the financial freedom they offer has led to their increasing attraction. Bitcoin enables its owners, among other things, to protect their wealth, make investments free from government control and retain a level of privacy, making it increasingly attractive. The price of Bitcoin rose from 3 cents in April 2010 when first traded, to over $900 in January 2014. The relationship between restrictions on individual freedom and demand for private money is also identified in the paper. The increasing constraints on personal freedom have led to private money becoming more and more popular as it enables people to do what would otherwise be illegal. The market for private monies will continue to thrive as long as states restrict and prohibit various forms of commerce.

From crisis to confidence not only describes the process through which the economy must go through before a full recovery after the financial crash, it also describes the journey that must be travelled by the discipline of economics.

This book shows by how much spending will need to be cut and taxes raised in order to make the government's fiscal position sustainable.

The EU has also only been partially successful in promoting liberalisation and competition in electricity markets and the time is ripe for change. The author shows how the EU must learn the lessons from the UK's successful recent past - and the UK must re-learn them.

This short book provides a brief introduction to the work of the late Elinor Ostrom, 2009 Nobel Laureate in economics. Her work is of vital importance in understanding how we can manage difficult environmental problems without top-down government regulation. As Professor Ostrom suggests, examples such as European Union fisheries illustrate the difficulties of approaching the management of common-pool resources with the mindset that government regulation can be a panacea. The monograph features a lecture given by Elinor Ostrom just before she died, as well as explanations of her work, its relevance and practical examples by other eminent authors. The authors help bring to life this crucial area of economics which is extremely important for all those with an interest in tackling environmental problems related to common-pool resources. This area is often ignored in mainstream economics textbooks, but is of huge practical relevance in both developed and less-developed countries.

At the outset of the euro, there was strong opposition to Britain's participation from most free-market economists. However, economists took more nuanced positions with regards to participation by the majority of current euro zone member states. Indeed, continental free-market economists were generally supportive of the euro, believing it would reduce the tendency towards inflation and encourage economic reform. This book looks again at the debate when the euro was first introduced and traces the sources of its current problems. A group of leading monetary economists then propose radical solutions to resolve the long-running crisis of European Monetary Union which has - in all probability - merely been suppressed by the actions of member governments and of the European Central Bank. The authors are all agreed that we cannot return to the status quo if the current members of the euro zone are to prosper in the long term.

The political debate about poverty is entirely dominated by groups calling for more income transfers to the poor. However, now that the scope of our welfare state has reached - or even surpassed - Scandinavian levels, surely this approach has run its course. Award-winning author Kristian Niemietz lays out another approach to dealing with the problem of poverty - one that focuses on addressing the problems caused by government interventions that raise the cost of living. These interventions are enormous in their effect on the poor. As the author points out, the poverty lobbies are more or less silent on these crucial matters. This has not always been the case. In the past, free-trade movements, for example, had been seen as pro-poor movements. Alongside radical market reforms, the author proposes wide-ranging welfare reform to encourage work and remove the penalties on family formation. This would include a form of negative income tax system and the localisation of welfare decisions.

With commentaries by Samuel Brittan and Melanie Powell. In "Happiness, Economics and Public Policy", Helen Johns and Paul Ormerod analyse the economic research that underlies politicians growing preoccupation with measures of 'well-being'. In a lucid and compelling analysis, written for economists and non-economists alike, the authors find that happiness research cannot be used to justify government intervention in the way its proponents suggest. Those who wish governments to take into account measures of well-being when setting policy often point to the fact that increases in income have not led to increases in measured happiness, and thus governments should concentrate on redistribution and improving the quality of life, rather than on allowing people to benefit from economic growth. In fact, measured happiness does not appear to be related to public spending, violent crime, property crime, sexual equality, disability, life expectancy or unemployment either. The stark fact is that, as Helen Johns and Paul Ormerod demonstrate, the difficulties in measuring societys happiness are insurmountable, and policymakers should not claim that they can control and increase happiness through public policy decisions.

This book consists of a series of essays written with the intention of correcting misconceptions that politicians, journalists or other interested parties like to pedal in order justify their dubious policy decisions or ideological perspectives.

Measurement of the shadow economy is notoriously difficult as it requires estimation of economic activity that is deliberately hidden from official transactions. Surveys typically understate the size of the shadow economy but econometric techniques can now be used to obtain a much better understanding of its size.

Politicians and lobbyists who promote new regulations and taxes typically claim to have science on their side. Scientific evidence shows that the actions they wish to discourage are harmful and that government intervention would reduce this harm. Yet much 'evidence-based policy' is grounded on poor scientific reasoning and even worse economics

Examines the causes and consequences of the financial crash. This title looks at the effects of fiscal stimulus packages and suggests that, whilst they may lead to an immediate positive impact on growth, the effect can quickly wear off and the effect of the so-called stimulus packages can then be negative.

High levels of government spending have had a significant effect on economic growth and on economic freedom. This book argues that reforms are necessary to ensure that we have dynamic economies in which governments serve the needs of their citizens rather than simply tax and spend more.

The UK government in common with the governments of many Western countries is in the midst of implementing policies to reform education. However, the government has, as a matter of principle, decided that profit-making schools cannot provide state-funded education even if they would lead to substantial improvements in quality. This monograph makes the case for widespread acceptance of the profit motive in education. It does so not by presenting statistics that demonstrate that profit-making organisations could drive up quality there is already a substantial literatureon this. Instead, the authors show how profit-making organisations could create an entirely new dynamic of entrepreneurship and innovation. As well as improving quality and reducing costs within existing models, such an approach could lead to the development of completely new ways ofproviding education. The authors of this monograph have a range of international experience. Many of them have run profit-making schools in countries more accepting of the profit motive than the UK, suchas Sweden. Others have struggled against the odds to participate in education reform programmes in the UK. Overall, this collection makes an important contribution to the international debate about education reform

'Market failure' is a term widely used by politicians, journalists and university and A-level economics students and teachers. However, those who use the term often lack any sense of proportion about the ability of government to correct market failures. This arises partly from the lack of general knowledge -- and lack of coverage in economics syllabuses -- of Public Choice economics. Public Choice economics applies realistic insights about human behaviour to the process of government, and it is extremely helpful for all those who have an interest in -- or work in -- public policy to understand this discipline. If we assume that at least some of those involved in the political process -- whether elected representatives, bureaucrats, regulators, public sector workers or electors -- will act in their own self-interest rather than in the general public interest, it should give us much less confidence that government can 'correct' market failure. This complex area of economics has been summarised in a very clear primer by Eamonn Butler. The author helps the reader to understand the limits of the government's ability to correct market failure and also explains the implications of public choice economics for the design of systems of government -- a topic that is highly relevant in contemporary political debate. This text is an important contribution for all who seek to understand better the role that government should play in economic life.

When it comes to the purchase of everyday goods such as coffee, tea and sugar, most consumers believe that sellers of Fair Trade products occupy the high moral ground. Despite its strong statements, however, the claims of the Fair Trade movement have not been tested properly. This title questions the claims made by the Fair Trade movement.

States that high levels of taxation and public expenditure hamper economic growth. This title examine the role of the state in key areas and finds that the policies are extremely inefficient, imposing high costs but delivering poor results.

Focusing on the measurement of poverty, this title shows how policy in this field has taken a wrong turn with disastrous results. It is suitable for those who are involved in the poverty debate.

F A Hayek's 'The Constitution of Liberty' has a profound effect on the thinking of a generation of scholars, students and even politicians. This monograph summarises and interprets the argument of 'The Constitution of Liberty' for a non-specialist audience.

The institutions of the European Union are gaining more and more power at the expense of national and local governments, as well as individuals and private businesses. This book explains increasing centralization by analyzing the economic incentives at work.

There is a resurgence of interest in the 'Austrian School' of economics, notably the work of Menger, Mises and Hayek. In contrast to neoclassical economics, the Austrian school has always emphasised the importance of incorporating differences in knowledge, beliefs and expectations into economic analysis.

Discusses the benefits and some of the problems arising from migration. This title proposes that immigrants should be charged to enter countries such as the USA and the UK, showing how it helps both migrants and the country they are entering whilst defusing debates surrounding migration.

Frederic Bastiat, who was born two hundred years ago, was a leader of the French laissez-faire tradition in the first half of the nineteenth century. He was influenced by Cobden's Anti-Corn Law League and became a convinced free trader. Joseph Schumpeter described Bastiat as 'the most brilliant economic journalist who ever lived'. In The Law, written in 1850, the year of his death, Bastiat recognises the central importance of the law and morality in a free society. He was concerned that government was using the 'law' to become too active a participant in the economy whilst devoting too little attention to protecting life and liberty. This Occasional Paper, which reprints an English translation of The Law, includes a new introduction by Professor Norman Barry of the University of Buckingham which places Bastiat's views in their historical context and explains their continuing relevance today.

When Lord Harris of High Cross (Ralph Harris) died, in October 2006 at the age of 81, the tributes to him described him as one of the 'men who changed Britain'. This book selects from Ralph's considerable opus, revealing that economics need not always be a 'dismal science'. It is suitable for academics and researchers of economics and politics.

Examines the policies that should be used to address the poor economic performance of New Europe's old industrial and agricultural regions. This title intends to show that, if new-style regional policies are introduced without policies aimed at liberalisation, lower taxes and reduced employment protection, then nothing of substance is achieved.

Draws on the experiences of thirteen authors involved in classical liberal think tanks. This book identifies identify the strategies that have proved successful in influencing the public policy and explains how they can be adapted to local circumstances. It is suitable for those involved in the battle against resurgent collectivism.